Just noticed the cause of this. But, if you open up a game, and target something, while looking at an effect (scrap pool steam is the most obvious). It will play at 2x speed, including the emits which also seem to have their delays halved. Tests shows that this happens in both the main executable and the editor.
Yes, and when you tartget a friendly, and it's facing away from the pool, the effects almost completely disappear.
I'm pretty sure its down to tone down graphics slightly while you have the PIP open as having two rendering windows could have lowed FPS alot.